Russia, labeling US and allies ‘hostile states’, bans them from buying Russian real estate

New legislation bars “unfriendly” states and individuals from purchasing buildings and land in Russia

Russia has added the United States, the United Kingdom, all EU member states, Japan, South Korea, and Australia to its list of “unfriendly” states. According to a new law signed by President Vladimir Putin, citizens and companies from these countries are now banned from buying real estate in Russia. The ban also applies to land and buildings, and it is expected to come into effect within 30 days.

This move is the latest in a series of tit-for-tat sanctions between Russia and the West. In recent months, the US and its allies have imposed a number of sanctions on Russia in response to its invasion of Ukraine. These sanctions have targeted Russian banks, businesses, and individuals, and they have had a significant impact on the Russian economy.

The ban is likely to have a significant impact on the Russian real estate market.

In 2021, foreign buyers accounted for 8% of all real estate sales in Russia. The ban is likely to deter many foreign buyers from investing in Russian real estate, which could lead to a decline in prices.

The ban is also likely to have a negative impact on the Russian economy. The real estate sector is a major contributor to the Russian economy, and the ban could lead to a decline in investment and economic growth.

The Russian government has said that the ban is necessary to protect its national security. The government has accused the US and its allies of trying to destabilize Russia, and it says that the ban is a way to prevent them from acquiring strategic assets in Russia.

The US and its allies have condemned the ban, calling it a violation of international law. The US has said that it will continue to work with its allies to impose sanctions on Russia until it withdraws from Ukraine.